Swanson -
While you are waiting to invest, investigate fully your potential liabilities of an LLC. It is not blanket immunity, nor is it total anonymity either. You have to be set up right, and follow all the rules to the letter - there are some pitfalls.
Many financial gurus recommend putting 1 - 3 rentals in a single LLC, and then starting another to help mitigate risk and keep a liability from bringing down your entire portfolio.
Liability insurance is a must. No only for property, but for personal liability, even if you are shielded by LLCs. You can get a blanket policy for yourself fairly inexpensively.
Good luck to you!
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